World Energy Use to Grow 56%, Renewable Energy on the Rise

Over the next three decades, world energy consumption is projected to increase by 56%, driven by growth in the developing world, according to “International Energy Outlook 2013 (IEO2013),” released by the U.S. Energy Information Administration (EIA).

“Rising prosperity in China and India is a major factor in the outlook for global energy demand,” said Adam Sieminski, EIA administrator. “These two countries combined account for half the world’s total increase in energy use through 2040. This will have a profound effect on the development of world energy markets.”

Clean-fuel technology is also reportedly playing an important role in the outlook, with renewable energy and nuclear power expected to grow faster than fossil fuels over the forecast period. Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing by 2.5% per year; however, fossil fuels are expected to continue to supply almost 80% of world energy use through 2040.

Almost 80% of the projected increase in renewable electricity generation is fueled by hydropower and wind power. The contribution of wind energy, in particular, has grown rapidly over the past decade and this trend continues into the future. Of the 5.4 trillion kilowatt hours of new renewable generation added over the projection period, 52% is attributed to hydroelectric power and 28% to wind. Most of the growth in hydroelectric generation (82%) reportedly occurs in the non-OECD countries, while more than half of the growth in wind generation (52%) occurs in the OECD countries.